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boart longyear ltd (BLY) Details

Boart Longyear Limited provides drilling services, drilling equipment, and performance tooling for mining and mineral drilling companies in the United States and internationally. It operates through two segments, Global Drilling Services and Global Products. The company offers surface coring, underground coring, multi-purpose, reverse circulation, conventional air/mud rotary, flooded reverse, directional, sonic, and percussive production drilling services for a range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. It also provides various drilling equipment, including surface and underground coring rigs, and multipurpose rigs for diamond core and reverse circulation drilling; and sonic rigs, pneumatic and hydraulic rock drills, and geo-technical equipment for use in mining, minerals, environment, and infrastructure applications. In addition, the company offers performance tooling for diamond coring, reverse circulation, production, sonic, and geo-construction drilling applications; and preventive maintenance services, spare equipment sales, commissioning and upgrading, training, and rental services for drill rigs. As of December 31, 2014, it had a fleet of 942 drilling rigs. Boart Longyear Limited is headquartered in South Jordan, Utah.

boart longyear ltd (BLY) Key Developments

Boart Longyear Limited announced that Bruce Brook will retire from its Board of Directors effective 30 June 2015. Mr. Brook is the company's longest- serving director and has been on the Board and chaired its Audit, Compliance and Risk Committee since February 2007.

Boart Longyear Limited reported earnings results for the first quarter ended March 31, 2015. For the period, the company reported revenue of $187.2 million against $197.4 million a year ago. LBITDA was $14.2 million against LBITDA of $1.9 million a year ago. Adjusted LBITDA was $9.5 million against adjusted EBITDA was $3.8 million a year ago. Net debt at March 31, 2015 was $538.1 million against net debt at March 31, 2014 of $544.4 million a year ago. Net cash used in operating activities was $74.9 million compared with $23.3 million a year ago. Operating loss was $39.4 million compared with $29.4 million a year ago. Loss from trading activities was $24.2 million compared with $23.3 million a year ago.

Boart Longyear Limited announced that Alan Sides, the senior vice president, Drilling Services, is leaving the company effective 31 July 2015. Sides joined Boart Longyear in 2010 as it’s vice president, products and transitioned to the leadership of the Drilling Services business in early 2013. Due to market conditions and management's desire to simplify the company's structure, Richard O'Brien, the company's president and chief executive officer, will be assuming operating responsibility for the Drilling Service business, and the company does not expect to replace Sides in the near term.

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